Survey: 61% of renters delaying homeownership

Yes.
65% (40)

No.
35% (22)

More than 60 percent of U.S. renters say they're delaying homeownership mainly because of financial reasons, based on a recent survey by Rent.com.

Other factors deterring renters from owning include strict lending guidelines and the wait for credit scores to improve in order to qualify for home loans.

The survey shows the biggest struggle is saving up for a down payment, which these days is usually 20 percent. Close to half of the 500 survey takers are saving up their dollars for one. The second biggest hurdle is waiting for credit scores to get better in order to qualify for a mortgage. More than 20 percent of renters surveyed are in this boat.

As more renters are delaying homeownership, they appear to be making the best of their rental situation, Rent.com says.

Forty-seven percent of respondents say they've spent more from 2009 to now to make their pads nicer. Some are spending money on work that's considered "more permanent in nature" from window shutters to flooring, the survey shows.

Here's a breakdown of spending:

• 56 percent spend less than $1000

• 24 percent spend $1,000 to $2,999

• 15 percent spend $3,000 to $4,999

• 2.5 percent spend $5,000 - $9,999

• 2.5 percent spend $10,000 or more

Despite the improving real estate market, the homeownership rate is at its lowest point in 16 years. Census Bureau figures show it came in at 65.5 in the second quarter, the lowest level since 1996, when it was 65.4 percent.